The Daily Briefing For November 23rd: China and U.S. Position Ahead Of Trade Talks
Wall Street: In After Hours Trading
IPOs on deck: none of note.
Secondaries on deck: none of note.
Filings After The Close:
Courtesy of IPO Financial
Earnings From After the Close:
Surprises: none of note.
Wednesday After The Close News:
Spirit Aerosystems (SPR) announces the retirement of CFO Sanjay Kapoor, as of Q1 of 2019.
NJ Resources (NJR) announces sale of wind portfolio for $208.5 million.
What’s Happening This Morning:
U.S. futures: S&P -12, Dow Jones -114, NDX -34 and Russell 2000 -10 with fair values HIGHER EXTENDING LOSSES. Asia lower ex Japan which was closed and Europe higher.
Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.30 with yields lower since Wednesday morning. Prices as of 7:55 a.m. EDT.
Top Sectors Wednesday: Materials, Conglomerates, Technology and Services.
Weakest Sectors Wednesday: Utilities.
One Month Winners Utilities and Financials.
Three Month Winners: Utilities
Six Month Winners: Healthcare and Utilities.
Twelve Month Winners: Healthcare, Services and Conglomerates
Year To Date Winners: Healthcare, Services, Conglomerates and Utilities.
Earnings Ahead: (sorted by Market Cap and only most impactful and notables listed)
Earnings Expected After The Close: none of note.
Earnings Due Monday Morning: DSX JKS PDCO.
Rags & Mags:
Five Things To Know Before You Start Your Day. (Bloomberg)
Nissan Board (NSANY) votes to remove Chairman Ghosn following financial misconduct allegations. (CNN)
China believes unfair trade accusations are not warranted. (Reuters)
China to lower tariffs on aircraft parts. (The Business Times)
President Trump and China President Xi are ready for talks next week. (Bloomberg)
Trump Administration wants allies to stop using Huawei products as could be compromised. (CNBC)
E-Commerce Sales are up 28.6% of Thanksgiving Day. (Tech Crunch)
Holiday Shopping looks to be a blowout. (Bloomberg)
Oil sets a new low for the year. (Bloomberg)
President Trump warns of a government shutdown if border security is not funded. (CNBC)
Saudis seek nuclear power plants with U.S. aid. (NYT)
Earnings Reported This Morning:
Yesterday saw 2171 stocks rise and 740 fall on the NYSE. NASDAQ saw 2263 rise and 785 fall.
The SP 500 is still below its 50 day simple moving average and its 200 day simple moving average (2762.39). The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average.
The QPI10 Day Moving Average of Breadth (10DMA) moved to cash Wednesday morning. For a move to cash, the 10DMA needs to have two days in row below -200.
YTD 39% (-1) of stocks are higher and 61% (+1) are lower. Updated 11/16/18 close with next update on 11/26/18.
Courtesy of Quantitative Partners, Inc
November Eurozone Manufacturing PMI 51.5 versus 52 in October.
November Eurozone Services PMI 53.1 versus 53.7 in October.
President Trump in Palm Beach, FL for Thanksgiving.
Conferences & Analyst Meetings:
Analyst Meetings: none of note.
Sellside Conferences Next Week Of Note:
Citi Basic Materials Conference (11/26-11/28)
Credit Suisse Annual Technology, Media and Telecom Conference (11/26-11/29)
Evercore ISI HealthCONx (11/27-11/29)
Piper Jafray Healthcare Conference (11/27-11/29)
Credit Suisse Annual Industrials Conference (11/27-11/29)
M&A Activity And Credible Rumors of Note Overnight:
Rockwell Collins (COL) receives Chinese approval of United Technologies buying the company for $140 a share. Shares higher by 10%.